U.S. fintech funding reached its highest level in 5 years in 2018 but the online lending market is finding it...
Online lenders have felt the brunt of the current crisis as many of the platforms operate on a marketplace model...
There are an estimated 800,000 federal workers affected by the partial government shutdown and a further 4.1 million federal contractors also...
The online lending industry has been ready, willing and able to help American small businesses with the Paycheck Protection Program...
A day after LendingClub made big news by laying off 471 people there are rumors circulating all around the industry...
All of the leading online lenders are struggling as the economic crisis continues to get worse; many have cut originations...
A survey by FT Confidential Research shows the online lending industry in China continues to consolidate from new regulations; the days of significant growth and platform expansion have ended as the government looks to weed out the smaller players; since 2016 the government has capped borrowing limits, shut down secondary markets and forced platforms to file with local regulators. Source.
First proposed in June and recently signed by Governor Cuomo the 7 person task force will be focused on reviewing online lending activities in NY; the task force will be chosen by the governor, president of the senate and speaker of the assembly; they will report their findings on small business and consumer lending back to the governor. Source.
As LendKey celebrates $500 million in funded loans, there are plenty of other reasons to celebrate too, co-founder and CEO Vince Passione said. Passione said as the country is coming off a pandemic year there are plenty of encouraging signs. Education loans are bouncing back,
43 percent of borrowers applied for a mortgage digitally, up from 28 percent last year but satisfaction scores were down according to J.D. Power; Craig Martin, director of the mortgage practice at J.D. Power, said in a press release, "A critical element of satisfaction is setting expectations, and this tends to be a weakness of technology.”; Customers also rated non bank lenders higher than their banking counterparts as borrowers look to new lenders who provide a more seamless experience. Source.